KARACHI: Secretary of Special Investment Facilitation Council Jameel Qureshi has said that more than 100 projects are being prepared for investment on which an international firm is working, investment in the sectors of corporate farming, animal farming and minerals in Pakistan. opportunities are being offered while SIFC is working in collaboration with State Bank to simplify the process of opening foreign currency accounts for foreign investors.
He said this while addressing a seminar on “Pakistan’s Economic Outlook, Opportunities and Challenges” organized by the German Pakistan Chamber of Commerce and Industry at the German Consulate Karachi on Thursday.
He said the SIFC was set up to address the lack of ease of doing business as investors demanded a “one-stop shop”. He stressed on efforts to improve the business environment at the government level and said that if local investors do not invest, the interest of foreign investors will also decrease.
IT companies are being given the facility to have US dollar accounts in Pakistan. He mentioned the establishment of modern land information and management system in Punjab and said that there is an intention to extend this system to other provinces. He said that in the energy sector, various transmission lines and green energy projects are available for investment. He mentioned the government’s privatization efforts, especially Pakistan International Airlines, and said that PIA will be privatized by the end of this year.
Documentary work on Special Economic Zones for textile sector in Karachi and Lahore has been completed. German Consul General Dr. Rudiger Lutz said that Germany is the leading economic country in the world. He said that Pakistan is a country of 24 crore people. The geographical boundaries of Pakistan are significant and the geographical boundaries of Pakistan provide numerous business and investment opportunities.
German Pakistan Chamber of Commerce Vice President Aamir Naseer said that we are committed to work to facilitate foreign investment and increase bilateral trade to benefit local and international stakeholders, economist Dr. Amjad Waheed said that Pakistan has a vast potential for economic development.
With sound policies and a conducive business environment we can unlock this potential and improve the prosperity of our people, taxation expert Abdul Qadir Memon stressed the importance of a stable and predictable tax system to encourage economic growth. Giving said that the government’s efforts to improve the tax system are commendable but more reforms are needed.
